For the 24 hours to 23:00 GMT, the GBP rose 1.01% against the USD and closed at 1.2253, after German Chancellor, Angela Merkel, highlighted the possibility of a negotiated departure of Britain from the European Union.

In the Asian session, at GMT0300, the pair is trading at 1.2239, with the GBP trading 0.11% lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2141, and a fall through could take it to the next support level of 1.2043. The pair is expected to find its first resistance at 1.2305, and a rise through could take it to the next resistance level of 1.2371.

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The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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